Using the Following Information Find the Unknown Amounts

question 6

Essay

Using the following information find the unknown amounts.Assume each set of information is an independent case.
$\begin{array}{llr}\text {a. Merchandise Inventory } & \text { Purchases } & \$ 210,000 \\& \text { Cost of goods sold } & 223,000 \\& \text { Beginuing balance } & 41,000 \\& \text { Ending balance } & ?\\\\\text {b. Direct Materials } & \text { Beginuing balance } & \$ 7,000 \\& \text { Ending balance } & 14,000 \\& \text { Purchases } & 48,000 \\& \text { Direct materials used } & ?\\\\\text { c.Work-in-process Inventory } & \text { Ending balance } & \$ 22,000 \\& \text { Cost of goods manufactured } & 21,000 \\& \text { Beginning balance } & 8,000 \\& \text { Current manufacturing costs } & ?\\\\\text {d. Finished Goods Inventory } & \text { Cost of goods manufactured } & \$ 62,000 \\& \text { Ending balance } & 20,000 \\& \text { Cost of goods sold } & 61,000 \\& \text { Eeginuing balance } & ?\end{array}$

Understand the foundations and importance of ethics in business and accounting.

Comprehend the impact of technology on accounting processes.

Grasp the basic principles and assumptions underlying financial accounting.

Identify the different entities in business and their accounting implications.